Online Sports Betting in Vermont
Online sports betting in Vermont launched on January 11, 2024, after Gov. Phil Scott signed House Bill 127 into law in June 2023; The state partnered with DraftKings, FanDuel, and Fanatics Sportsbook to offer mobile wagering to residents and visitors aged 21 and over within state lines. The Department of Liquor and Lottery oversees the industry and expects it to generate significant revenue.
Legalization and Launch
Vermont’s journey toward legal online sports betting culminated in its launch on January 11, 2024. This followed a multi-year process that involved legislative efforts, public discourse, and the eventual passage of legislation. Here’s a timeline of the key developments⁚
- 2021⁚ Momentum for legal sports betting in Vermont began to build as neighboring states launched their own programs and reaped economic benefits.
- 2022⁚ The Vermont Sports Betting Study Committee was formed to research the feasibility and potential structure of a regulated sports betting market in the state. They submitted their findings to the legislature in December, recommending a cautious and gradual approach.
- June 14, 2023⁚ Gov. Phil Scott signed House Bill 127 into law, officially legalizing online sports betting in Vermont. The bill granted the Vermont Department of Liquor and Lottery (DLL) the authority to regulate the industry and establish a competitive bidding process for operator licenses.
- October 2023⁚ After a thorough review of applications, the DLL selected three operators to offer online sports betting in Vermont⁚ DraftKings, FanDuel, and Fanatics Sportsbook.
- January 11٫ 2024⁚ Online sports betting officially went live in Vermont٫ making it the last of the New England states to legalize and regulate this form of wagering.
The launch of online sports betting in Vermont marked a significant shift in the state’s approach to gambling. Lawmakers aimed to provide a safe and regulated avenue for Vermonters to engage in this popular activity while generating tax revenue for state programs.
Licensed Operators
Vermont chose a competitive bidding process to select a limited number of online sports betting operators, prioritizing quality over quantity. This approach aimed to foster a competitive market while ensuring a high standard of operation and consumer protection. As of July 31٫ 2024٫ three prominent names in the U.S. sports betting industry have received licenses to operate in Vermont⁚
- DraftKings Sportsbook⁚ A household name in daily fantasy sports and sports betting, DraftKings boasts a user-friendly interface, competitive odds, and a wide array of betting options, making them a popular choice among bettors.
- FanDuel Sportsbook⁚ Another industry giant, FanDuel, mirrors DraftKings in terms of popularity, offering a similar comprehensive sports betting experience with attractive promotions and a robust mobile platform.
- Fanatics Sportsbook⁚ While relatively new to the sports betting scene, Fanatics benefits from its established presence in the sports merchandise market. They aim to leverage their brand recognition and massive customer base to become a major player in the Vermont market.
These three licensed operators were selected based on their experience, financial stability, commitment to responsible gambling practices, and the competitiveness of their proposals. They are currently the only authorized providers of online sports betting in Vermont, ensuring a controlled and regulated market for residents.
Impact and Revenue
While still in its early stages, online sports betting in Vermont has already demonstrated a promising economic impact. Since its launch in January 2024٫ Vermonters have placed nearly four million bets٫ showcasing a strong appetite for this new form of entertainment. The total handle٫ representing the total amount wagered٫ has reached an impressive $100 million within the first seven months. This enthusiastic adoption is partly attributed to pent-up demand٫ as Vermont was the last New England state to legalize sports betting.
According to Andrew Collier, Deputy Commissioner of the Department of Liquor and Lottery, approximately three-quarters of the total wagers originate from in-state bettors. This suggests that the program is successfully catering to its target demographic while also attracting interest from neighboring states. The revenue generated from sports betting is earmarked for various state programs, including a dedicated portion allocated to problem gambling initiatives.
State officials are optimistic that online sports betting will continue to flourish in Vermont, providing a stable stream of revenue to support vital public services and contribute to the overall economic well-being of the state. The long-term impact will be continually assessed as the market matures and more data becomes available.
Responsible Gambling Measures
Recognizing the potential risks associated with gambling, Vermont has integrated responsible gambling measures into the framework of its online sports betting program. The legislation that legalized online sports wagering, House Bill 127, includes provisions specifically aimed at mitigating problem gambling and promoting responsible engagement.
A key aspect of this commitment is the allocation of funds to support problem gambling programs. The bill earmarks $250,000 in fiscal year 2024 and $500,000 in fiscal year 2025 from the newly established Sports Wagering Fund to the Department of Mental Health. These funds are dedicated to establishing and administering programs designed to address problem gambling.
Additionally, the Department of Liquor and Lottery, in collaboration with the Department of Mental Health, is required to submit annual reports to the legislature. These reports will provide insights into the impact of sports betting on problem gambling in Vermont, allowing for ongoing evaluation and adjustments to the program as needed. The goal is to ensure that online sports betting remains a safe and enjoyable form of entertainment for Vermont residents.